Asian Markets Waver as Fed Minutes Show Inclination to Keep Rates Elevated

According to Yahoo News, Asian markets experienced fluctuations on Wednesday as traders reacted to the Federal Reserve's meeting minutes, which indicated a preference for maintaining elevated interest rates for an extended period to combat inflation. This comes after a recent market rally driven by optimism that the central bank's next move would likely involve a rate cut in the new year. The minutes from the Fed's October-November policy meeting revealed that officials acknowledged the impact of over a year of rate hikes on inflation but remained cautious to ensure the job was completed. The news tempered some expectations of a rate cut in the new year, but it did not spark fears of further rate hikes. The dollar remained under pressure as investors adjusted to the idea that rates would not rise further, while the yen gained support against the greenback due to bets on the Bank of Japan shifting from its ultra-loose policy.